Morrisons chief financial officer Michael Gleeson is stepping down from the business following its takeover by US private equity firm Clayton, Dubilier & Rice (CD&R).
In a statement on March 11, Gleeson said it was “a good time for me to take on a fresh challenge” after eight years with the retailer.
The announcement comes ahead of a period of refinancing for Morrisons some six months after CD&R beat off strong competition to acquire the business.
Morrisons chief executive David Potts said of Gleeson: “Michael has made a significant contribution to the business over the last eight years. He leaves us with our sincere thanks and with our best wishes for his future endeavours.”
Gleeson joined Morrisons in 2014 as group financial officer and held several senior positions before being named chief financial officer and joining the executive board in 2020.
Gleeson, along with Potts, chief operating officer Trevor Strain and former chair Andrew Higginson, had previously worked at Tesco.
CD&R acquired the business for £10bn back in October of 2021 after a drawn-out process. The acquisition was funded with £3.4bn worth of raised equity and a further £6.6bn of loans that will need refinancing.
The supermarket’s owners had considered refinancing the loans immediately after the acquisition was completed, but the emergence of the Omicron Covid-19 variant at the end of 2021 led to that step being delayed.
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